2 December 2019
More Regulation Is Not The Solution To Westpac Revelations
Yet another scandal among Australia’s banks suggests the industry is in dire need of a clean-out. Westpac has committed one of the most startling failures of corporate governance in Australian history. After a year-long investigation, the bank stands accused of failing to report, as required by law, 23 million transactions that it had facilitated, and, in particular, failing to notice a
22 November 2019
The Woke Bank Asleep At The Wheel
The phrase “Go Woke, Go Broke” doesn’t quite apply to Westpac. But it nearly does. Allegations that it breached anti-money-laundering laws 23 million times probably won’t send Westpac broke. But the bank’s share price has been smashed and Prime Minister Scott Morrison has as good as called for the Westpac board to sack its chief executive. If you’re a company
10 August 2018
Government Snooping Will Not Stop At The Banks
Here’s an idea. In order to improve the confidence of the public in democracy, the federal government should embed ‘Taxpayer Compliance Officers’ in cabinet and the Expenditure Review Committee. The role of such officers would be three-fold. They would have a general responsibility for ensuring taxpayers’ money was spent efficiently and not wasted, they would ensure compliance with all the
7 August 2018
Industry Super Funding of Union Movement in the Spotlight
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has entered its fifth round of hearings in Melbourne this week, examining the superannuation industry. “The superannuation industry in Australia has become a playground for vested interests. Between 2013 and 2017 trade unions directly received over $18 million from industry super funds via directors fees alone,” said
